IndiaFirst Life net up fourth year on the trot, rises 46% to Rs 510 mn

IndiaFirst Life Insurance on Thursday reported 46 per cent year-on-year growth in net profit at Rs 510 million during financial year 2017-18.

The private insurer's net profit stood at Rs 350 million in financial year 2016-17.

This is the fourth consecutive year of declaring profits for the company, since inception in 2009, it said in a release.

"We have been on a strong growth trajectory of new business with an equal focus on retention of existing business and generation of profits. We are proud at the all-round growth of the company, reflected in retail new business premium growth of 43 per cent, increase in 13th-month persistency to 76 per cent and annual profit of Rs 510 million," said RM Vishakha, managing director and chief executive officer, IndiaFirst Life Insurance.

The company issued over 184,000 policies in FY18, compared with 126,000 policies in FY17, and collected a new business retail premium of Rs 5.75 billion in FY18, against Rs 4.03 billion in FY17, the release said.

Besides, the company paid death claims of over Rs 2.35 billion during 2017-18.

The company's gross collections stood at Rs 23.09 billion in 2017-18, of which new business premium was Rs 14.97 billion and renewal premium was at Rs 8.12 billion.

The 13th month persistency surged up to 76 per cent in FY18, from 74 per cent a year ago.

IndiaFirst Life had an asset under management (AUM) of Rs 126.22 billion as on March 31, 2018, compared with Rs 108.58 billion as on March 31, 2017.